Gulf Capital exits Kuiper Group via sale to India's Asian Energy Services
Gulf Capital, one of the largest private equity firms investing from the GCC to the rest of Asia, has announced its full exit from Kuiper Group, in a strategic sale transaction to India-based Asian Energy Services.
The transaction comes on the heels of the previous successful sale of Kuiper's Australian operation in a carve-out management buyout in Q3 last year.
Asian Energy Services, a leading Indian integrated service provider to the energy and mining sectors, acquired 100% stake in Kuiper Group, from both Gulf Capital and the founders of Kuiper and OCB Oilfield Services. The acquisition, which will be funded through a combination of internal accruals and debt, is expected to be completed within the next two months, said a statement.
Upon the initial acquisition of the leading Dubai-based Oil & Gas offshore crew provider, OCB Oilfield Services, Gulf Capital worked closely with the management team to expand across the fast growing Asian markets. This led to the acquisition of Singapore-based Kuiper International, a dominant player in the offshore construction and maintenance services sector. Gulf Capital has developed a long track record of building pan-Asian leaders through a mix of bolt-on acquisitions and organic growth.
Richard Dallas, Senior Managing Director at Gulf Capital, said: 'We built in Kuiper Group a leading international energy business services platform, together with the management team. Kuiper Group has become a global leader and has presence today in more than 15 Asian, Middle Eastern, and African countries. This offers the new strategic buyer, Asian Energy Services, the opportunity to scale its operations, access a larger addressable market, and support its long-term growth plans.'
Kapil Garg, Managing Director, Asian Energy Services Limited, said: 'The acquisition of Kuiper Group marks a pivotal milestone in Asian Energy Services' journey to expand its footprint across key energy markets in the Middle East and Southeast Asia. This strategic move enables us to participate more actively in global energy projects and establish a scalable, future-ready platform for long-term growth. Kuiper Group's strong presence in these regions will serve as a foundation for Asian Energy to broaden its integrated O&M services offering. We also aim to support and grow Kuiper's existing business. I warmly welcome Kuiper's management team and employees to the Asian Energy family and look forward to working together following the completion of the acquisition." – TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
2 hours ago
- Khaleej Times
How to write that perfect CV in the UAE: Tips by an HR professional
One page can change your life. This one piece of paper is your invitation to a meeting, your certificate of excellence, and your chance to get a bumper raise before you've even begun a new job. What's on this precious note? Your CV. 'The worst thing you can do for your CV is write down your job description,' says HR veteran Anam Irfan, who has worked with the likes of Majid Al Futtaim and Tenaris, and across industries such as oil and gas and construction. The Pakistani expat, who has been in the UAE for 35 years, is currently the chief people officer and partner at byteSpark AI, and spoke to wknd. about the difference between a good CV and an effective one, what companies can do to draw and retain talent, and what you can do to boost your own profile in the tough-as-stone job market. Her firm is a headhunting initiative that uses AI to pursue candidates and link the right person to the right job. 'Our platform does a recruitment with speed, with efficiency. That, and we help people with CV-building skills,' explains Anam. If you are looking for a new job this year, you are, unsurprisingly, not alone. According to a survey by Censuswide, 75 per cent of the professionals in the UAE are searching for new employment in 2025. But to make your CV (and application) stand out, says Anam, 'Don't tell me what you were hired to do, impress me with what you have done. What you have achieved. A CV needs to be clear, concise, impactful. That means talking about outcomes, numbers.' To make things more engaging, she recommends paying attention to your personal brand. 'After all, if you don't write about your accomplishments on social media (or LinkedIn), how will a recruiter know about your abilities? With the new generation that is coming into the workforce, Gen-Z and Alpha, it will be all about the personal brand. They're all on social media, whether it's Instagram, or LinkedIn, or TikTok. If you want to excel, you need to up your game on these platforms.' Closing the gender gap As a woman who has worked in traditionally male-dominated industries, Anam says her formula for being seen and heard is simple: Show up with irrefutable data. 'If you have your own clear voice and influence at the table, and you come backed up with data — that's when magic really happens. I make sure that when I speak, it is with facts and figures, making them curious about 'why did she say what she said',' she adds. Having a comfortable relationship with your audience will also smooth your way to a receptive audience, the HR executive adds. 'You have to make sure that you're building relationships through the journey. Women have the gift of empathy; relationship-building is natural. When you do that, things become easy.' The first challenge to success — both when it comes to speaking to colleagues and presenting an argument (or counter-argument, for that matter), she says, is the negative self-talk that women tend to suffer from. According to a study, published by the US-based National Library of Medicine, positive self-talk has the ability to improve cognitive performance. 'We women sometimes lose out because we are very self-critical, thinking we need to over-prepare. Sometimes, we overthink and stop ourselves from expressing a certain viewpoint. You don't say it, but someone else does. And you are left reeling,' she says, adding that one needs to curb that instinct to keep mum at important moments. Don't tell me what you were hired to do, impress me with what you have done. What you have achieved. A CV needs to be clear, concise, impactful. That means talking about outcomes, numbers" Anam believes the foundation to professional success then begins in one's formative years. 'If you don't have a very good childhood, it impacts you and your personal skill set,' she explains. However, if you are taught resilience in the face of diversity, it will hold you in good stead. If you do find yourself without glowing personal skills though, remember that many things can be learned — all you need is a growth mindset; that ability to find lessons in everything. It's also why grooming is so important in a work place; it helps your discover and grow your abilities. 'You may have your own mindset and your own aspirations, but if the opportunity is not given in the right organisation, it changes everything,' she says. 'When I was just in training,' she recalls, 'I was already presenting budgets to CEOs — my mentors and leaders put me in the room and pushed me to learn by doing. My confidence was built up like this.' Anam is the mum of a six year old, and she laughs when asked about work-life balance. 'There is no such thing,' she says. 'For me, it's not about a work-life balance, it's really about integration. So, I have boundaries — at five, I have to leave. My son is six. He needs a mom. I need to spend at least couple of hours with him once he's back from school. He needs to have mealtimes with me. He needs to have his sleeping time with me. He needs to have some reading time with me. Once he's gone to bed, I can get back to any pending work that I have. The key is to know when to take a break and pause.' Corporations need to understand that you cannot have those legacy annual performance reviews. You need to move beyond that. Things are agile. That's where frustrations happen in employees — they feel it's not a fair assessment" Organisations too need a shift While she's quick to say that she's only worked in supportive firms, she does admit that the way many organisations do things leave a lot to be desired. 'Performance management systems are so outdated. There is usually an annual goal-setting in organisations and annual reviews; but the goal posts are constantly shifting. 'Corporations need to understand that you cannot have those legacy annual performance reviews. You need to move beyond that. Things are agile. That's where frustrations happen in employees — they feel it's not a fair assessment.' 'The other thing is, teaching employees about their potential growth trajectory. The more you know where you are heading, the greater will be your commitment to your cause,' she explains. At the end of the day, your turn with a company begins with an introduction — and you owe yourself the best one. Begin by working on an effective CV.
Zawya
2 hours ago
- Zawya
Walmart's Flipkart secures approval for direct lending in India, documents show
Walmart's Flipkart has secured a lending licence from the Indian central bank and banking regulator, enabling it to offer loans directly to customers and sellers on its platform, according to documents reviewed by Reuters and a source. This is the first time the Reserve Bank of India has granted a large e-commerce player in India a non-bank finance company (NBFC) licence, allowing it to lend but not take deposits. Most e-commerce platforms currently offer loans in tie-ups with banks and NBFCs, but a lending licence will enable Flipkart - India's largest e-commerce firm - to lend directly, a more lucrative model for the group. The central bank issued its certificate of registration - a document that officially recognizes a company as an NBFC - to Flipkart Finance Private Limited on March 13. Reuters has reviewed a copy of both the certificate of registration and the approval letter also dated March 13. The approval has not been previously reported. Flipkart, in which U.S. retail behemoth Walmart holds a more than 80% stake, applied for the licence in 2022, according to the central bank's approval letter. Neither Flipkart nor the Reserve Bank of India immediately responded to Reuters' request for comments. The e-commerce giant may commence its lending operation "in a few months", according to a source aware of the matter who declined to be identified as the talks are private. A final decision on the launch will be subject to the completion of various internal processes such as the appointment of key management personnel and board members and the finalisation of business plans, the source said. Flipkart plans to lend directly to its customers on its popular e-commerce platform and through its fintech app the source said. It may also offer financing to sellers on the platform, they added. At present, the e-commerce giant offers personal loans to customers through tie-ups with lenders such as Axis Bank , IDFC Bank and Credit Saison. Flipkart, last valued at $37 billion in 2024 when it raised $1 billion in a funding round led by Walmart, is shifting its holding company from Singapore to India. Walmart also aims to take the 17-year-old company public. Walmart bought a controlling stake in Flipkart in 2018, which also gave it ownership of PhonePe, a fintech firm also preparing for an IPO. Earlier this year Flipkart's rival Amazon acquired a Bengaluru-based non-bank lender Axio, but the deal is yet to be cleared by the central bank. (Reporting by Ashwin Manikandan; Editing by Jan Harvey)
Middle East Eye
2 hours ago
- Middle East Eye
Arab states received 12 percent of Israeli arms exports in 2024 amid surge in arms sales
Israel's Ministry of Defence announced on Wednesday that arms exports by Israeli companies reached an all-time high in 2024, totalling $14.8bn. 'The unprecedented operational achievements, combined with the combat experience gained through Israeli-developed technologies during the war, have generated significant demand for Israeli defence systems among numerous countries,' the ministry stated, attributing the surge in exports to the ongoing military offensive on Gaza, which began in October 2023. According to TheMarker, arms exports rose by 13 percent compared to 2023, when exports stood at $13.1 billion. The 2024 figure represents roughly 10 percent of Israel's total exports of goods and services, according to data published by the outlet. This marks a record year for Israeli arms exports, which have more than doubled over the past five years; in 2019, total exports amounted to $7.3bn. Europe emerged as the primary destination for Israeli arms, accounting for 54 percent of total purchases – up nearly 20 percentage points from 2023, when European countries made up 35 percent of Israel's arms export market. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters In 2024, European states bought nearly $8bn worth of Israeli military products, compared to $4.6bn in 2023, according to the Ministry of Defence. Beyond Europe, another significant destination for Israeli arms in 2024 was the group of countries that normalised relations with Israel under the Abraham Accords. Combined arms sales to the United Arab Emirates, Bahrain, Morocco and Sudan reached $1.8bn – equivalent to 12 percent of Israel's total arms exports. In contrast, there has been a marked decline in exports to Asian and Latin American countries. In 2024, Asian nations purchased $3.4bn worth of Israeli weapons, down from $6.3bn the previous year. According to TheMarker, the drop is attributed to major arms deals signed in 2023 with India and Azerbaijan that were not repeated in 2024. The surge in arms exports comes amid Israel's ongoing military campaign in Gaza, now approaching its 20th month, which has resulted in the deaths of over 54,000 Palestinians and destroyed most of the Palestinian enclave. In recent months, Israel has faced mounting international criticism – particularly from European partners – over Gaza, including allegations of using starvation as a weapon of war and of committing genocide. Israel opposition leader says Netanyahu arming 'equivalent of Isis' gangs in Gaza Read More » A recent survey conducted in the UK found that a majority of the British public supports a full arms embargo on Israel. According to the poll, 57 percent of respondents backed a government-imposed embargo, while only 13 percent were opposed. On Tuesday, it was reported that the Spanish government had cancelled a $327m arms deal with Israeli defence company Rafael. The contract involved the purchase of offensive weaponry, including 168 firing posts and 1,680 anti-tank missiles. Yair Coles, head of the International Defense Cooperation Directorate, the Ministry of Defence division overseeing Israeli arms exports, told Israeli news outlet Ynet: 'We are facing a serious challenge. Members of parliament are openly calling for a halt to arms purchases from Israel because of the images coming out of Gaza, and this is having an effect. Today, customers are telling us this directly.' Coles added: 'Sales to France and the UK are very low. Two forces are currently at work: military establishments that want to buy the best equipment from us, and political forces holding back. I hope that necessity will prevail over politics.' A national achievement According to defence ministry data, nearly half (48 percent) of Israel's arms exports consist of air defence systems, missiles and rockets. Other categories, including military and armoured vehicles, radar systems, manned aircraft and satellites, each account for between 8 and 9 percent of total exports. Israeli human rights lawyer and arms trade monitor Eitay Mack told TheMarker that Israeli arms exports could rise further in 2025. 'Due to escalating tensions between India and Pakistan, we may see a spike in arms deals with India,' Mack said. 'Additionally, the effects of the increased security budgets in Europe – driven by shifting relations with the United States – will likely be felt only in 2025.' 'The world sees Israel's strength and wants to be part of it' - Israel Katz, Defence Minister However, Mack cautioned that some countries may shift away from Israeli weapons in favour of American arms as part of efforts to improve trade balances with the United States. 'In the context of the tariff war declared by [US President Donald] Trump, some countries may prefer to buy from the US rather than from Israel,' he added. Defence Minister Israel Katz praised the export figures, calling them a national achievement. 'In a year of war, under complex and difficult conditions, Israel has broken its all-time arms export record,' Katz said. He attributed the success to Israel's battlefield performance: 'This is a direct result of the IDF's and defence industries' achievements against Hamas in Gaza, Hezbollah in Lebanon, the Houthis in Yemen, the Ayatollahs' regime in Iran, and other enemies.' Katz added, 'The world sees Israel's strength and wants to be part of it.' Defence Ministry Director General Amir Baram echoed the sentiment. 'Israeli arms exports reflect, more than anything, a growing global appreciation for Israeli technology. Our systems have made a resounding impact across the Middle East over the past year,' he said. Coles also credited the collaboration between the defence sector and the military. 'The unique link between Israeli arms companies, the Ministry of Defence, and the IDF creates a distinct competitive edge in global markets,' he said. According to Coles, during the war in Gaza, Israel's defence industries demonstrated that they could 'meet the IDF's operational needs while simultaneously responding to growing international demand'.
